Data concerning a recent period’s activity in the Assembly Department, the first

Question

Data concerning a recent period’s activity in the Assembly Department, the first processing department in a company that uses process costing, appear below:

Materials Conversion Cost of work in process inventory at the beginning of the period Equivalent units of production in the ending work in process inventory Equivalent units of production required to complete the beginning work $ 3,400 430 $ 620 110 in process inventory Cost per equivalent unit for the period 510 $ 2.80 1,250 $ 50 A total of 26,900 units were completed and transferred to the next processing department during the period Beginning work in process inventory consisted of 1,100 units and ending work in process inventory consisted of 1,800 units Required Using the FIFO method, compute the cost of the units transferred to the next department during the period and the cost of ending work in process inventory Materials Conversion Total Cost of the units transferred to the next department Cost of ending work in process inventory

Explanation / Answer

Particulars Materials Conversion Total Cost of the units transferred to the next department 75320 13450 88770 Cost of ending WIP inventory 5040 900 5940

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